BitAir aims to revolutionize the travel and tourism industry through a blockchain-based payment system.
By leveraging Ethereum’s blockchain, BitAir intends to provide payments that are faster and cheaper than those offered by more traditional payment systems. Using BitAir tokens, customers can pay for travel and tourism-related services such as making reservations or paying for airline tickets.
The company’s Initial Coin Offering (ICO) started September 19, 2017, and was scheduled to end November 2, 2017. The symbol for the token being offered through this sale is BTCA.
BitAir has offered 400 million of its tokens, which are ERC20 compatible, for its sale. The company plans to keep 300 million of these tokens and reserve another 150 million for ICO bonuses. Further, BitAir set aside an additional 150 million tokens for the presale.
In total, the total supply of BTCA was capped at 1 billion.
To participate in the sale, you must sign up for an account through the website and then exchange either bitcoin or ether for BTCA tokens.
The Problem and Solution
The travel and tourism industry’s size is substantial, generating approximately 10 percent of global GDP in 2016. This sector outperformed the overall economy for six years in a row, and going forward, its prospects appear to be strong.
While this industry has robust fundamentals, BitAir’s whitepaper claims that the sector’s payment methods have become problematic. Transactions are taking longer, and expenses are on the rise.
Interbank transactions might take days to process, while transactions that occur on the blockchain could process in a matter of minutes. Interbank transactions might require several financial institutions, adding new fees at every step, but cutting out intermediaries, the blockchain could eliminate these expenses.
Leveraging the blockchain for travel and tourism payments could also deliver several other benefits.
A high level of security, for example, could be derived from using the blockchain. Since this distributed ledger is maintained by several different actors, it makes it more difficult for a hacker or nefarious party to compromise the blockchain’s security.
Further, the blockchain is immutable, meaning that individual transactions cannot be erased. Between this feature and the blockchain’s decentralized nature, the distributed ledger has more than one safeguard in place to eliminate fraud.
BitAir’s website lists eight people for its team, including three founders. The team includes several technical experts who have expertise in smart contracts and blockchain.
Tommy Barron, one of the co-founders, is the CEO. A blockchain entrepreneur, Barron is an industrial engineer and consultant who specializes in both payment systems and product design. According to his LinkedIn profile, he is responsible for finance, headhunting, and media, focusing on ensuring that the team hits its goals. Barron holds a Bachelor’s degree from the University of Oxford.
Oliver Harris Baines, another co-founder, leads the Research and Development department. An expert in both R&D and Social Services, his LinkedIn profile emphasizes that most of his experience is in R&D involving subjects like blockchain technology, investment banking, and web products.
Patrick Gillespie, the third co-founder and leader of Program Team, is an expert in blockchain and smart contracts with more than eight years of experience. According to his LinkedIn page, Gillespie previously held senior development positions and holds a Master’s in Computer Technology/Computer Systems Technology from MIT’s Sloan School of Management.
BitAir’s Team page lists five other people, which include marketing director Maria Skorobogatov, developer Ashley Hindmarch, web designer Karina Kadyrbaeva, blockchain technologist Steve Mariott, and technical expert Séb Hsn.
The founders are accessible through a few different mediums such as BitAir’s Telegram group and even via email.
The BitAir token, which trades under the symbol BTCA, can be used to purchase travel and tourism-related services. A “large volume of passengers” have made payment using the BitAir system, according to the whitepaper.
Users can their BTCA tokens to “to purchase existing products and services” directly from Asia Pacific Travel as well as “co-operated groups,” the whitepaper adds. The document states that BitAir may also “build” travel-focused services that can be purchased using tokens.
Further, users can earn rewards by referring others. If you provide another person with an affiliate link and they use it to purchase BTCA, you will be rewarded with tokens.
Since the token is built on the Ethereum blockchain, its transactions can be settled using smart contracts. Further, BTCA is used solely for travel and tourism, which helps manage the risk of having outside variables worsen any volatility.
In buying this digital asset, investors get a token they can use for travel and tourism-related services. In addition, these tokens could potentially surge in value once they start trading on exchanges.
BitAir had made an agreement to list its tokens on Bittrex a month after the ICO finished, according to a representative contacted through Telegram. BitAir is also in talks with other marketplaces, the representative stated.
BitAir is active through many different mediums. In evaluating their ICO, you can reach out through Twitter, Facebook, Telegram, and email and can generally receive a quick response. The Twitter handle appears to have been updated on a reasonably regular basis, and the Facebook page also has several updates. The founders and team appear quite responsive via the BitAir ICO Group Chat, email, and BitAir’s Telegram as well.
A digital token designed specifically for the travel and tourism industry could provide investors with a promising opportunity. By purchasing BTCA tokens, investors could enjoy significant returns should the digital asset begin rising in value.
When asked about competitors, BitAir stated that it will compete with traditional payment methods for the travel and tourism industry. The current system has been around “for a long time,” so consumers may be reluctant to change, it noted. However, the team felt confident that BitAir’s features will change the payment habits of consumers in the near future.